Besides PNB, Nirav Modi defrauded four other public sector banks, used fake invoices with inflated prices to swindle funds
Recent developments suggest that state-owned Punjab National Bank (PNB) may have taken the largest hit of the massive fraud by fugitive diamantaire Nirav Modi but other banks too were targeted by one of the biggest banking swindler in India.
PNB, India’s second-largest state-run bank, disclosed in February that two jewellery groups had defrauded it by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff over several years.
Nirav Modi scam fallout: Gems and jewellery industry asks bankers not to reduce credit limits in a white paper
Gems and jewellery industry is presenting a white paper on 11 May on challenges of financing to the diamond industry
PNB had alleged in January this year that its Mumbai branch had fraudulently issued LoU and FLC to Nirav Modi firms in connivance with deputy manager Gokulnath Shetty and other bank officials
Narendra Modi post Nirav Modi: PM's image as an 'outsider' who can cleanse the system has taken a beating
Let there be no doubt that Modi's image is considerably undermined after A Raja's acquittal in the 2G scam and further so with the unfolding of the Nirav Modi scam